Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities:    
Net Loss $ (2,580,821) $ (1,952,200)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 10,599 7,067
Reduction of Right-of-Use Assets 39,490 41,440
Stock-Based Compensation 216,945 145,920
Expiration of Prepaid Agreement   159,848
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets 216,078 (67,102)
Refundable Tax Credit Receivable (59,706) (580)
Other Assets 8,073 (11,616)
Accounts Payable 22,583 (52,263)
Lease Liabilities (39,490) (41,440)
Accrued Expenses (403,802) (629,396)
Net Cash Used in Operating Activities (2,570,051) (2,400,322)
Investing Activities:    
Purchases of Property, Plant and Equipment (58,119)  
Net Cash Used in Investing Activities (58,119)  
Financing Activities:    
Proceeds from Stock Offerings, Net of Offering Costs 7,988,861 4,501,313
Exercise of Warrants 50,001  
Net Cash Provided by Financing Activities 8,038,862 4,501,313
Effect of Exchange Rate Changes on Cash 14,123 280
Net Increase in Cash 5,424,815 2,101,271
Cash, Including Restricted Cash, Beginning of Period 1,230,677 3,821,712
Cash, Including Restricted Cash, End of Period 6,655,492 5,922,983
Supplemental Disclosures of Noncash Operating and Financing Activities    
Grant of Restricted Stock Awards   490
ASU 2016-02 | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities $ 201,089 $ 102,579